A comment on scarcity
Modern economics is based on the idea that every good and service is scarce, but the standard defenses of this premise by reference to zero prices and infinite resources are invalid. The concept of scarcity is defined and used to show that ordinary scarcities are not economic scarcities. Th...
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| Formato: | article |
| Lenguaje: | DE EN FR |
| Publicado: |
Editura ASE Bucuresti
2014
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| Materias: | |
| Acceso en línea: | https://doaj.org/article/26478465d69a4d71837955fe978fccc1 |
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| Sumario: | Modern economics is based on the idea that every good and service
is scarce, but the standard defenses of this premise by reference to zero prices
and infinite resources are invalid. The concept of scarcity is defined and used to
show that ordinary scarcities are not economic scarcities. The errors regarding
scarcity are traced to the methodology of modern economics, and an alternative
method is suggested for a science whose subject matter is real human beings. The
concept of relative scarcity is explained, and used to illuminate some important
aspects of the functioning of a market economy. Some of the consequences are
identified for economics if economists recognized that universal scarcity is not
a fact. |
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